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Chronic Pain Treatment Market to Witness Robust Growth of 6.5% CAGR during 2020–2030

Chronic Pain Treatme

iCrowdNewswire   Oct 28, 2020  7:51 AM ET

The global chronic pain treatment market is predicted to progress at a CAGR of 6.5% from 2020 to 2030 and generate a revenue of $151.7 billion in 2030. The factors fueling the expansion of the market are the rising implementation of favorable policies by various governments, soaring geriatric population and the subsequent rise in the need for elderly care, and the growing incidence of chronic diseases across the world.

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During the COVID-19 pandemic, the governments of several countries have taken important measures such as imposing full or partial lockdowns for reducing the spread of the virus and the number of infected persons. This caused the shutting down of industries or in some cases, a significant reduction in the operational capacity of plants, which, in turn, disrupted the logistics and supply chains. Moreover, the industry has been experiencing a slump since the end of 2019. Because of these factors, the market is exhibiting a very slow growth rate in the current times.

The objective of this research includes;

Globally, the chronic pain treatment market recorded the highest growth in North America during the past few years and this trend would continue in the forthcoming years as well. This would be a result of the growing geriatric population, the existence of several chronic pain management medicines and devices and the rising prevalence of chronic diseases in the region.

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Some of the major global chronic pain treatment market players are Sanofi S.A., Dickinson and Company, AstraZeneca plc, Eli Lilly and Company, Abbott Laboratories, GlaxoSmithKline plc, Becton, Bristol-Myers Squibb Company, Boston Scientific Corporation, Johnson & Johnson, Medtronic plc, Pfizer Inc., and Novartis AG.

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